Indian life firms see big hike in premiums

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Life premiums from new insurance policies have been up by 6% to US$2.59 billion in August in comparison with US$2.43 billion in the identical month within the earlier 12 months, in accordance with knowledge launched Wednesday by the Insurance coverage Regulatory Improvement Authority of India (Irdai).

Irdai reported that among the many 24 registered firms, state-owned Life Insurance coverage Firm of India (LIC) noticed a decline of 1.94% in its new enterprise premium whereas the opposite 23 personal sector insurers posted a rise of 33.55% of their collective gross premiums at US$765.86 million.

SBI Life’s premium assortment was up by 38.45% to US$157.6 million; that of HDFC Normal Life by 37.75% to US$143.53 million, and that of ICICI Prudential Life by 19.63% to US$212.57 million.

New enterprise premium earnings of Aditya Birla Solar Life Insurance coverage elevated by 104% to US$39.2 million; that of Bajaj Allianz Life rose by 92.43% to US$58.12 million; that of India First was up by 54% to US$15.52 million, and Tata AIA Life’s new enterprise premium earnings rose by 87.6% to US$24.25 million.

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